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Notes to Accounts of Adhunik Industries Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION:

Adhunik Industries Ltd ("the company") is a public limited company, domiciled in India and incorporated under the provisions of Companies Act, 1956. Its equity shares are listed on Stock Exchanges in India. The Company is primarily engaged in the manufacture and sale of iron and steel products.

2 Terms / Rights attached to Equity Share

The Company has only one class of issued shares i.e. equity shares having nominal value of Rs.10 per share. Each holder of equity share is entitled to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after payment of all the preferential amounts, in proportion to their shareholding.

3 Indian Rupee term loan from Banks are secured by way of:

a) The rupee term loan from banks are secured by way of pari pasu first charge over all the fixed assets of the Company both present and future at factory at Angadpur, Durgapur, West Bengal and first charge by way of hypothecation of the Company's movable properties, save and except asset purchased on lease and hire purchase basis.

b) Guarantee and certain collateral securities have been provided by the Promoters/ Directors in their personal capacity.

4 a) Name of Related Parties and nature of relationship

Key Management Personnel

Whole Time Director

Mr. Jugal Kishore Agarwal

Director

Mr. Mohan Lal Agarwal Mr. Mahesh Kumar Agarwal Mr. Ashok Bector Mr.Asit Baran Dasgupta Mr. Shyam Bahadur Singh Ms . Archana Gupta Sha

Chief Financial Officer

Mr. Bikash Roy Chowdhury

Company Secretary

Mr. Bharat Agarwal

Relatives of Key Management Personnel

Mr. Ghanshyam Das Agarwal(Brother of Director)

Mr. Manoj Kumar Agarwal ( Brother of Director)

Mr. Nirmal Kumar Agarwal ( Brother of Director)

Mr. Sachin Agarwal ( Son of Mr Jugal Kishore Agarwal)

Mr. Naveen Agarwal (Son of Mr. Jugal Kishore Agarwal)

Enterprises over which Key Management Personnel / Relatives have significant influence

Adhunik Corporation Ltd

Adhunik Infotech Ltd .

Adhunik Power & Natural Resource Ltd .

Adhunik Alloys & Power Ltd .

Sungrowth Shares & Stock Ltd

Mahananda Suppliers Ltd.

Adhunik Meghalaya Steels Private Ltd.

Futuristic Steels Ltd.

Adhunik Metaliks Ltd. and its subsidiary

5 Contingent Liabilities

CONTINGENT LIABILITIES 31stMarch 2015 31stMarch 2014 (to the extent not provided for) (Rs)R (Rs)

Outstanding guarantees and counter 36,500,000 10,000,000 guarantees to various bank, in respect of the guarantees given by those banks in favor of various government authorities, suppliers and others.

6 In the opinion of the management, current assets, loans and advances have the value at which these are stated in the balance sheet, if realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

7 The outstanding balances of Sundry debtors / creditors are subject to confirmation as letters of confirmation of balances from several parties have not been received and hence the balances are subject to adjustments, if any, on reconciliation / settlement of account.

8 In the opinion of the management, leave is meant to be availed of and the employees have been advised to plan their leave in advance while in service and also immediately before superannuation. Accordingly, leave encashment liability for the year has been recognised and provided for only when such encashment was allowed.

9 Raw materials consumed are accounted after adjustment of normal shortage / surplus of raw materials and rejected raw materials.

10 Previous year figures has been regrouped / rearranged wherever necessary.


Mar 31, 2014

1) CORPORATE INFORMATION

Adhunik Industries Ltd (the company), is a public limited company, domiciled in India and incorporated under the provisions of Companies Act, 1956. Its equity shares are listed on Stock Exchanges in India. The Company is primarily engaged in the manufacture & sale of iron and steel products.

Note 2: DISCLOSURE IN RELATION TO RELATED PARTIES:

Related party disclosure is identified by the management in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India:

a) Name of Related Parties and nature of relationship

Key Management Personnel Whole Time Director

Mr. Jugal Kishore Agarwal

Director

Mr. Mohan Lal Agarwal Mr. Mahesh Kumar Agarwal Mr. Ashok Bector Mr. Asit Baran Dasgupta Mr. Shyam Bahadur Singh

Relatives of Key Management personnel Mr. Ghanshyam Das Agarwal(Brother of Director)

Mr. Manoj Kumar Agarwal ( Brother of Director) Mr. Nirmal Kumar Agarwal ( Brother of Director ) Mr. Sachin Agarwal ( Son of Mr. Jugal Kishore Agarwal ) Mr. Naveen Agarwal ( Son of Mr. Jugal Kishore Agarwal )

Enterprises over which Key Management Adhunik Corporation Ltd.

Personnel / Relatives have significant Adhunik Infotech Ltd.

influence Adhunik Power & Natural Resource Ltd

Adhunik Power Transmission Ltd.

Adhunik Alloys & Power Ltd.

Sungrowth Shares & Stock Ltd.

Mahananda Suppliers Ltd.

Zion Steel Limited

Adhunik Meghalaya Steels Private Limited

Futuristic Steels Limited

Adhunik Metaliks Ltd and its subsidiary

NOTE 3: In the opinion of the management, current assets, loans and advances have the value at which these are stated in the balance sheet, if realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

NOTE 4: The outstanding balances of Sundry debtors / creditors are subject to confirmation as letters of confirmation of balances from several parties have not been received and hence the balances are subject to adjustments, if any, on reconciliation / settlement of account

NOTE 5: In the opinion of the management, leave is meant to be availed of and the employees has been advised to plan their leave in advance while in service and also immediately before superannuation. Accordingly, leave encashment liability for the year has been recognized and provided for only when such encashment was allowed.

NOTE 6: Revenue in respect of rejected/scrapped materials is recognized as and when these are sold or amount there against is ascertained.

NOTE 7: Raw materials consumed are accounted after adjustment of normal shortage/surplus of raw materials and rejected raw materials.


Mar 31, 2013

CORPORATE INFORMATION

Adhunik Industries Ltd, having manufacturing facilities at Durgapur, West Bengal is primarily engaged in the manufacture & sale of steel products

NOTE 1 ; Related Party

Related party disclosure is identified by the management in accordance with the Accounting Standard 18 issued by the institute of Chartered Accountants of India:

(a) Name of the related parties

Key Management Personnel Mr. Jugal Kishore Agarwai Mr.Mohan Lal AgarwaI Mr. Mahesh Kumar AgarwaI Mr. Ashok Sector Mr. Nand Kishore Singhai

Relatives of Key Management personnel Mr.Manoj Kumar Agarwal Mr. Nirm al Kumar Agarwal Mr.Sachin Agarwai(Son of mr. Jugal Kishore Agarwal) Mr.;.NayeemAgarWaT

Enterprises over which Key Adhunik Corporation Ltd Management Adhunik Power Personnel / Relatives have significant & influence Natural Resource Ltd Adhunik Alloys & Power Ltd. Zion Steel Limited

Sungrowth Shares & Stock Ltd.

Mahanada Suppliers Ltd

Adhunik Meghalaya Steels Private Limited " Futuristic Steels Limited Adhunik Metaliks Ltd. & its subsidiary Adhunik Infotech" Ltd.



NOTE 2 : In the opinion of the management, current assets, loans and advances have the value at which these are stated in the balance sheet, if realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required

NOTE 3 : The outstanding balances of Sundry debtors / creditors are subject to confirmation as letters of confirmation of balances from several parties have not been received and hence the balances are subject to adjustments, if any, on reconciliation / settlement of account

NOTE 4 : In the opinion of the management, leave is meant to be availed of and the employees has been advised to plan their leave in advance while in service and also immediately before superannuation. Accordingly, leave encashment liability for the year has been recognised and provided for only when such encashment was allowed

NOTE 5 : Revenue in respect of rejected/scrapped materials is recognized as and when these are sold or Amount there against is ascertained.

NOTE 6 : Raw materials consumed are accounted after adjustment of normal shortage/surpius of raw materials and rejected raw materials.


Mar 31, 2012

1. CORPORATE INFORMATION

Adhunik Industries lid, having manufacturing facilities at Durgapur, West Bengal Is primarily engaged in the manufacture & sale of steel products.

2. Tertns/ Rights attached to Equity Share

The Company has only one class of Issued shares.l.e. equity shares having par value of T10 per-share. Each holder of equity share Is entitled to one, Equity Share and Equity right for dividend, The dividend proposed by1 the Board of Director's js subject to the approval of share holders in the ensuing Annual General Meeting, except case oflnteilm dividend; In the event dfilquidiiion, the equity share holders are eligible to receive the remalning.asseti of the company after payment of all the prefrentlal amounts. In proportion to their shareholding.

3. Equitable mortgage on all )he present and future Immovable propertlerlndudlng land & building both present & fulureoi the company at factory at Angadpur Diirgapur, West Bengal and first Charge.by way of hypothecation of the Company's movable properties, save and except book debts and equipment purchase on hire purchase basis but Including movable machinery, spares, tools and accessories, both present and future subject lo prior 'Changes In favour ot the Company's bankers, on specified movable properties for borrowing of working capital requirement, This loan includes*. 21'id25.690Z-.(P,Y. f35;5B2,8b5/*) taken from State Bank Of Mysore whichis secured'by wayof hypothecation charge overwind mill In Ohule, Maharastra

4.GUaranlee and certaifl collateral securities have been provided by the Promoters / Directors In their personal capacity,

5. Cash Credit Fro/n banks aresecvred by way of:

6. First Charge by way of stock debts and other current assets of the company related. to factory at Ahdagpur, Durgapu.

7. Second charge on other assets in favour of term loan lender fo term loan provided by them of the company relate dot factory at andagur, Durgapur.

8. Guarantee and certain collaterals securited have been provided by the Directors in their personal capacity.

9. Related Party

Related party disclosure is Identified by the management in accordance with the Accounting Standard 18 Issued by the Institute of Chartered Accountants of India:

(a) Name of the related parties

Key Ma nagement Personnel Mr. Mahesh Kumar Agarwal Mr. Manoj Sharma Mr.Mohan tal Agarwal -Nk Mr. Jugal klshore Agarwal Mr. Manlsh Kumar

Relatives of Key Management personnel

Mr. tihSnshyam Das Agarwal(Brother of Director) Mrs.Prarhila Agarwal (Wife of Mr.'jugal kishore Agarwal] Mr. Manoj Kumar Agarwal [ Brother of Director) Mr. Nlrmal Agarwal ( Brother of Director) Mr, Sachin Agarwal ( Son of Mr. Jugal Kisbbre Agarwal) Mr, Naveen Agarwal (Son of Mf. Jugal Kishdre Agarwal)

Enterprises over which Key Management Personnel / Relatives have significant influence

Adbunik Corporation Ltd. Orisssa Manganese and Minerals Ltd NeepazV Forge (lndid)Ltd.. Adhunik Power & Natural resource Ltd. Adhunlk Power Transmission Ltd, Adhunlk Steels Ltd, Adhunlk Cement (Assam) Ltd. Adhunlk Alloys & Power Ltd. Adhunlk Cement Ltd, Sungrowth Shares St Stock Ltd. Mahan anda Suppliers Ltd. Zion steel limited Adhunlk Meghalaya Steels Private Limited Futuristic Steels Limited Adhunlk Metaliks Ltd. Adhunikinfotechud. Swarnarekha Steel Industries Ltd

10. In the opinion of the managemet current asset, loans and advances have the value at which these are stated in the balance sheet, if realised inthe Ordinary course of busines ade, unles otherwise state and adequate prvions for all known provisions for all known liabilities have been made and are not in excess of the amount reasonably required

11. The outstanding balances of Sundry/ debtors/-credit are subject to confirmation as letters of confirmation of balance frin several parties have not been received and balance are subject to adjustment, if any, on reconcillation / settlement of accounts.

12. In the opinion of the management, leave is mean to be availed Of and the employees has Been advised to plan their leave in advance while in the service and are immediately before superannuation, Accordingly, leave encashment liablity for the year has been recongnied and provided for only when such encashment was allowed

13. Revenue in respect of rejected/ scrapped materials recongnised as and when these are sold or amount there aganist is ascertained.

14. Raw materials consued are accounted are after adjustment of normal shortage/surplus of raw materlalsand rejeted rew materials.

15. The financial statement for the year ended 31st March was prepared as per then applicable while schedule to the companies Act 1956, consequent to the notification of revised schedule VI to the companies Act 1956, the financial statement for fhe year ended march 31, 2012 are prepared as per scheduled VI According) toe previous year figure have also heert xeclasslifred to conform io this year classification. The adoption of tested scheduled VI fo rthe previous year figure does nominating recongnition and measurement principles followd for preparation of financial statement.


Mar 31, 2011

(1) Rupee Term loan from Banks are secured by way of:

a Equitable mortgage on all the present and future immovable properties including land & building both present & future of the Company at Angadpur Durgapur, West Bengal and Dhuie, Maharashtra and first charge by way of hypothecation of the Company''s movable properties, save and except book debts and equipment purchase on hire purchase basis but including movable machinery,, spares, tools and accessories, both present and future subject to prior changes in favour of the Company''s bankers on specified movable properties for borrowing of working capital requirement.

b Guarantee and certain collateral securities have been provided by the Promoters / Directors in their personal capacity.

c Term Loans aggregating to Rs. 16.473.500A (Previous Year 7. 10,832,000) are repayable within one year

(2) Cash Credit from banks are secured by:

a. , First charge by way of hypothecation of stock, book debts and other current assets of the company related to Andagpur. Durgapur.

b. Second charge on other assets on which first charge has been created in favour of Term Loan Lenders for term loans provided by it of the company related to Andagpur, Durgapur

c. Guarantee and certain collateral securities have been provided by trie Directors in their personal capacity,

(3) Finance against Equipments/Vehlde Loans is secured by hypothecation of the respective vebldes. .

(4) The breakup of Deferred Tax Liability as on 31st March 2011 is as follows:

(3) In (he opinion of the management, current assets, loans and advances have the value at which these are stated in the balance Sheet, if realized in the ordinary course of business, unless otherwise slated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required

(5) The outstanding balances of Sundry debtors I creditors are subject to confirmation as tetters of fcorifmmation of balances from several parties have not been received and hence the balances are subject to adjustments, if any. on reconciliation / settlement of account

(7) Based on''the iniormation/documents available with the company, there has been no amount due to micro, small and medium scale undertakings as per the requirement of section 22 of the Micro, Small & Medium Enterprises Development Act,2006.

(8) In the opinion of the management, leave is mean! to be availed of and the employees has been advised to plan their leave in advance while in service and also immediately before superannuation. Accordingly, leave encashment liability for the year has been recognised and provided for only when such encashment was allowed

(9j Revenue in respect of rejected/scrapped materials is recognized as and when these are sold or amount there against is ascertained.

(10) Raw materiafs consumed are accounted after adjustment of normal shortagefsurplus of raw materials and rejected raw materials.

Related party disclosure is identified by (be management in accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of india:

(a) Name of the related parties :

Key Management Personnel

Mahesh Kumar Agarwal Mr. Nirnial Kumar Agarwal Mr. Mohan Lai Agarwal Mr. J ugal Kishore Agarwal Mr. Manoj Kumar Agarwal Mr. Manish Komar Mr. Manoj Sharma

Relatives of Key Management personnel

Mr. Ghanshyam Das AgarwalfBrother of Director) Mrs.Pramila Agarwal (Wife of Mr. Jugal kishore Agarwal) Mrs. Soruka Agarwal (Wife of Mr. Manoj kumai Agarwal) Mr. Nirmal Agarwal (Husband of Mrs. Anita Agarwal) Mr. Naveen Agarwal ( Son of Mr. jugal Kishore Agarwal) Mr. Sachin Agarwal (Son of Mr. Jugal Kishore Agarwal)

Enterprises over which Key Management

Adhunik Corporation Ltd. Neepaz V Forge (India) Ltd

Personnel / Relatives have significant influence

Adhunik Steels Ltd. Adhunik Cement (Assam) Ltd. Adhunik Alloys A Power Ltd. Otisssa Manganese and Minerals Ltd Adhunik Cement Ltd. Adhunik Power & Natural Resource Ltd Sungtowth Shares & Stock Ltd. Adhunik Power Transmission Ltd. Mahananda Suppliers Ltd. Adhunik Metaliks Ltd. Zion Steel limited Adhunik Infotech Ltd. Adhunik Meghalaya Steels Private Limited Swamarekha Steel Industries Ltd Futuristic Steels Limited

 
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